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Nifty back below 11,600; top NSE losers

Price as on 23 Apr, 2019 02:54 PM, Click on company names for their live prices.

10 stocks scale fresh 52-week highs on NSE

Price as on 23 Apr, 2019 02:11 PM, Click on company names for their live prices.

European shares fall as earnings kick in, Umicore weighs

European shares fell on Tuesday with Belgian battery maker Umicore kicking off a busy week of earnings with a disappointing outlook, while a rally in energy stocks helped cap further losses. The pan-European STOXX 600 index edged lower after seven straight sessions of gains by 0737 GMT, with all major indices in the red except oil major-heavy London’s FTSE 100 which moved marginally higher.

Morningstar Investment Adviser India, a subsidiary of Morningstar Inc, launched discretionary portfolio management service for Indian investors. Dhaval Kapadia, director and portfolio specialist, Morningstar Investment Adviser India told reporters the firm looks to raise around Rs 1,000 crore over the next 2-3 years in terms of assets.

In case of a 10% correction, the news flow would be far more negative than what it is today, but then good news and good prices do not come together. The bad news flow at that point of time will offer us good prices to invest and that is what we will do.

This unlisted stock has been creating a lot of buzz among the trading community, who has been busy trying to assign a fair price to the stock. The scrip, which is still unlisted, traded in the Rs 12-15 range in the last week of November 2018 and then jumped over 200 per cent to Rs 30-35 by mid-April 2019, according to Kolkata-based Abhishek Securities, which deals in unlisted securities.

Top 10 NSE gainers

Price as on 23 Apr, 2019 12:17 PM, Click on company names for their live prices.

Indian junk bond issuances soar to 5-year high

Sales of Indian junk bonds have made a big comeback in 2019, almost tripling to hit a five-year high, boosted by a risk-on rally prompted by a dovish U.S. Federal Reserve that has given the Asia market a record start to the year.

Indian companies have sold $3.7 billion in high-yield, or junk-rated, bonds so far this year, an increase of 187 percent from 2018, Refinitiv data show.

The last time Indian companies sold more junk bonds was in 2014, when total volumes for the year were $4.1 billion, the data showed.

JSPL completes first-ever rail order ahead of schedule

Jindal Steel and Power Ltd (JSPL) Tuesday said it has completed delivery of its one lakh tonne first-ever rail order, which the firm had bagged from the Indian Railways.

In July last year, JSPL had received from the national transporter an order of one lakh tonne rails, to be supplied within a year.

“In a significant development, JSPL has completed delivery of first ever rail order to supply rails to Indian Railways. The company had bagged 20 per cent of the Rs 2,500 crore global tender by the Railways to supply long rails,” JSPL said in a BSE filing.

Reliance Capital shares jump 5% after a 3-day slide

After losing for three successive sessions, shares of Reliance Capital jumped 5 per cent in Tuesday’s trade.

In last three sessions, the stock had come off 26 per cent. Shares of the company surged amid less palatable reports.

Shares of Jet Airways surged nearly 9 per cent in morning trade on Tuesday, snapping the losing streak of past three consecutive sessions, during which the stock had come off 41 per cent.

The stock jumped despite financial troubles in the company that led to complete shutdown of operations with no sign of an imminent revival.

Analysts say the stock has caught the attention of high-risk investors. “The stock has got into a zone where risk-reward has become favourable for high-risk investors,” said Sameer Kalra, Founder, Target Investing.

It took just two sessions for Nifty50 to test the sub-10,600 level on Monday from an all-time high of 11,856 hit last Thursday. Friday was a public holiday.

While trading kicked off on a positive note on Tuesday, back-to-back selloffs seen in the previous two sessions made analysts believe the breakout signal triggered by the reclamation of the previous peak of 11,761 was probably false. If that’s so, outlook for over a hundred stocks would look weak, as suggested by various technical indicators.

Among them one is the momentum indicator moving average convergence divergence, or MACD charts, which is already signalling a bearish bias for 127 stocks on NSE.

We are extremely positive on some of the banking names though we have not seen any meaningful correction. Some correction just started yesterday but after the numbers coming out from HDFC Bank and the expectations from ICICI Bank or Axis, we are extremely positive in terms of the growth trajectory coming back. Despite the overall risk-reward running up, it is looking extremely compelling.

– Hemang Jani

Shriram Transport declines 2% as Ajay Piramal looks to exit group cos

Shares of Shriram Transport Finance declined almost 2 per cent in morning trade on Tuesday amid reports that Ajay Piramal is in preliminary discussions with Anand Mahindra and others to exit from the Shriram group of companies.

As per an ET report, on offer are stakes in three companies — Shriram Capital, Shriram Transport Finance and Shriram City Union Finance — valued at about Rs 9,000 crore, analysts estimate.

Piramal owns 20 per cent in Shriram Capital and 10 per cent each in Shriram Transport Finance and Shriram City Union. While Shriram Capital is an unlisted holding company, Shriram Transport specialises in financing second-hand trucks and Shriram City Union is into consumer lending.

Kotak expects GAIL & ONGC to benefit from elevated crude prices

We reiterate our positive stance on GAIL and ONGC, both being beneficiaries of elevated crude prices and can act as good hedge against any spike in crude; we note that ONGC stock is pessimistically discounting net crude realization around US$45/bbl. We believe it is safer to avoid downstream PSUs (BPCL, HPCL and IOCL) in the near term, as current valuations ignore potential risks from (1) any spike in crude that may put pressure on refining as well as marketing margins and (2) our bleak refining outlook.

RIL climbs 1% amid SoftBank investment buzz

Shares of Reliance Industries (RIL) climbed 1 per cent in Tuesday’s trade after reports that SoftBank Vision Fund might invest in its telecom arm Reliance Jio. SoftBank is doing due diligence on Jio and its tower and fibre assets and may invest $2-3 billion, ETNow reported, quoting sourced. SoftBank is said to be interested in Jio’s tech-telecom-e-commerce integrated play.

Essel Propack gains 2% as Blackstone agrees to buy 51% stake

Shares of Essel Propack climbed 2 per cent in Tuesday’s trade after reports that Blackstone agreed to buy 51 per cent of the promoter stake in the company at Rs 134 per share.

The transaction will trigger a mandatory open offer for a purchase of additional 26 per cent shares of the company. For this, the open offer price has been fixed at Rs 139.19 per share.

“Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and Rs 3,211 crore (or, approximately $310 million – $462 million). The sale is expected to complete in the coming months, subject to customary closing conditions and approvals,” the company said in a BSE filing.

Check out the most active stocks on NSE

Price as on 23 Apr, 2019 09:37 AM, Click on company names for their live prices.

Market-wide rollovers at 24%

The market-wide rollovers stood at 24 per cent till Monday, which was lower than 31 per cent, the average rollovers seen in the last three series. Nifty futures rollover stood at 26 per cent, which were a tad below the average rollovers of 27 per cent seen in the last three series.

Tech view: Nifty forms Bearish Belt Hold

The NSE barometer Nifty50 formed a Bearish Belt Hold candle on the daily chart for the second straight session on Monday. Analysts said its move beyond the 11,761 level in recent past was probably a false breakout. They are advising traders to avoid buying on dips.

Asia stocks hover near 9-month highs

Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market’s enthusiasm. The MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan’s Nikkei average eased 0.2 percent. Many markets around the world remained shut on Monday after the long Easter weekend.

Oil jumps on end of Iran waivers

Oil prices hovered near 2019 peaks in early trading on Tuesday after Washington abruptly moved to end all Iran sanctions waivers by May, pressuring importers to stop buying from Tehran. Brent crude futures were at $74.33 per barrel at 0051 GMT, up 0.4 percent from their last close.

US stocks ended mixed

The Dow Jones Industrial Average fell 48.49 points, or 0.18%, to 26,511.05, the S&P500 index gained 2.94 points, or 0.10%, to 2,907.97 and the Nasdaq Composite added 17.21 points, or 0.22%, to 8,015.27.

NSE excludes 34 scrips from F&O trade

NSE has announced exclusion of futures and options contracts of 34 companies. The excluded securities include India Cements, PC Jeweller, Jain Irrigation, Wockhardt, TV18 Broadcast, Tata Communications, Suzlon Energy, Reliance Power and Repco Home Finance; several banks such as Allahabad Bank, DCB Bank, Indian Bank, Karnataka Bank, South Indian Bank and Syndicate Bank.

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